You wouldn’t be the first person to get to the start of the new tax year and ask us what tax records you need to keep?
We have the simple answers below but it’s quite a confusing area so if you are in any doubt, please drop us and email and we will confirm what to keep and if you are able to destroy any records.
Self employed : If you are self employed your personal tax documentation should be kept until a date that is the later of five years from 31 January following the year of assessment or six years from the end of any other period of assessment. For example your records for the current tax year (2012/13) would need to be kept until 31 January 2019.
Corporation tax : Records should generally be kept for six years after the end of your financial year.
These periods are extended should a tax return have been filed late or where there is an enquiry.